Seagate stock (NASDAQ: STX) plunged over 10% on Thursday amid a broader semiconductor sell-off, dropping nearly 100 points to a low of $795 before closing at $820. Despite the sharp decline, Bank of America Securities reiterated its buy rating on the stock, setting a new price target of $1,150. Analyst Wamsi Mohan suggested that accumulating shares around or below $800 could be a beneficial entry point for long-term investors.
Seagate Technology Holdings PLC (STX) experienced a significant sell-off, declining more than 10% in a single trading session. The stock fell to a daily low of $795 before recovering slightly to end at $820.
Analyst Wamsi Mohan at Bank of America Securities upgraded his price target for Seagate to $1,150. In a note to clients, he wrote that “buying the dip on STX could be beneficial.”
The new target represents a potential gain of approximately $330 per share from Thursday’s closing price. This equates to a return on investment of roughly 40% for investors entering at current levels.
The firm increased its previous target from $1,000, expressing strong confidence in the stock’s prospects. The analyst noted that accumulating shares at or below the $800 range could open a larger window for profit.
Bank of America Securities maintains its bullish stance despite the stock’s fall from a recent high of $915. The bank reiterated its buy rating, suggesting the equity could have a strong comeback when the broader market recovers.
